It follows the launch of the same service in the United States, which was followed by the addition of a Checkout with Crypto function, which allows PayPal users to utilize their cryptocurrency to make purchases with online merchants.
PayPal, the online payment company, is allowing users in the United Kingdom to purchase, store, and trade cryptocurrencies on its platform.
The service will initially be limited to four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and will be available on both its app and website. It follows the launch of the same service in the United States, which was followed by the addition of a Checkout with Crypto function, which allows PayPal users to utilize their cryptocurrency to make purchases with online merchants.
The volatility and lack of regulation surrounding cryptocurrencies, which are classified as private money under English law, has been cited as a barrier to their adoption by mainstream payment processors like PayPal.
Critics have frequently pointed out how the potential anonymity provided by using crypto online has strengthened online cybercriminals and fraudsters.PayPal’s new service, according to Jose Fernandez da Ponte, vice president, and general manager for blockchain, crypto, and digital currencies, could help more people learn about cryptocurrencies.
“The epidemic has hastened digital change and innovation in all parts of our lives, including the digitization of money and increased consumer use of digital financial services,” says the report.”With our global reach, digital payments expertise, and consumer and business understanding, combined with stringent security and compliance standards, we have the unique potential, and obligation, to assist consumers in the United Kingdom in exploring bitcoin.”
PayPal said the new service would go live this week and that all eligible users should be able to use it within the following few weeks through a new bitcoin tab. It’s unclear whether or when the company will allow UK customers to pay merchants with cryptocurrencies. PayPal expects that by settling transactions in fiat cash, businesses won’t have to assume the risk themselves, it may alleviate concerns about bitcoin volatility.
The company stated that consumers who pay with cryptocurrencies will not be charged a transaction fee and that each purchase will only be able to use one form of cryptocurrency.
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